Influential proxy advisors issue recommendations in advance of contested Dec. 17 annual meeting.
Dye & Durham’s embattled chief executive Matt Proud stepped down last month after the board agreed to pay him $10-million in severance. Now, two influential proxy advisory firms say investors should also boot him off the board at next week’s annual meeting.
Both recommended voting for Engine founder Arnaud Ajdler, Hans Gieskes, ex-CEO of RELX PLC’s LexisNexis Group, and Anthony Kinnear, a former president of Thomson Reuters Corp.’s legal professionals unit. They also support three D&D nominees: hedge fund manager Eric Shahinian – the pick, under a shareholder rights agreement, of the CEO’s brother Tyler Proud – as well as Marc Ernst, former chief executive of H&R Block Inc., and David Oppenheimer, president of Oppenheimer Advisors.
“The reasons to oppose Mr. Proud’s candidacy are, in our view, expansive,” Glass Lewis said.
The biggest issue in the contest is leadership and oversight. Otherwise, the rival visions of both sides aren’t far apart. Both would have shareholders elect mostly new directors. Both promise to hire a “world-class CEO.
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